Gender gap in entrepreneurship: If women-led businesses grew at the rate of men's, the global GDP would rise by 2% to 3%.

We live through multiple existential crises, including climate change, a rise in the cost of living, and widespread cybercrime, among others. These crises have the potential to exacerbate existing structural and social inequalities. In seeking solutions, many turn to entrepreneurs.

However, let me ask you a question: can we trust entrepreneurship to tackle these complex problems when there is a clear gender disparity in the field? Here's the fact: there are fewer women entrepreneurs than men, fewer of them operate in critical and profitable sectors like ICT, and fewer of them grow and succeed at the same rate as men.

See the data for yourself!

• In 2022, there were 2 fewer women entrepreneurs compared to every 10 men entrepreneurs. The Asia Pacific had one of the lowest startup activity rates among women at 9.4% compared to other regions. The global rate for women's startup activity is 10.1%. (1)
• Women are far less active in more profitable sectors, such as Information, Communication, and Technology (ICT). In 2022, for every 10 male entrepreneurs in ICT startups, there are 4 fewer women entrepreneurs (2.3% of women vs. 5.3% of women). In contrast, women dominate in the wholesale and retail industry and have a stronger presence there than men (48.6% of women vs. 40.1% of men). (2)
• If women-led businesses grew at the rate of men's, the global GDP would rise to around $2 trillion — the equivalent of 2% to 3% of global GDP — and generate between 288 million and 433 new million jobs. (3)

Therefore, if we genuinely believe that entrepreneurship will save us, supporting women entrepreneurs and women-led businesses is one of the smartest things to do. It's to our benefit when more women enter the economy and become successful entrepreneurs. That is one of the reasons why we support women leaders at Wedu.

Two trailblazing entrepreneurs are leading the change in Asia by tackling some critical challenges in the region; Rising Star Yu is championing diversity and inclusion initiatives in Japan, and Kumudini is a leading vocal coach and survivor-centred advocate in Sri Lanka.

Yu Shinagawa, Japan

"Take action right now. Being an entrepreneur is not just about founding a company; it's an action."

Yu Shinagawa , the Founder and CEO of An-Nahal Inc. and a Rising Star at Wedu. She is on a mission to help Japan embrace diversity and inclusion. Her startup helps Japanese companies and leaders create inclusive workplaces where individuals of diverse backgrounds—women, those from the queer community, and various nationalities and ethnicities—feel not only welcomed and heard but also contribute to shared growth.?

Read more about Yu's work here.

Kumudini David, Sri Lanka

?"I am more than an entrepreneur; I am a catalyst and a change agent."

Kumudini Perera-David MSc. is the founder and CEO of Voice with Kumu, where she teaches a diverse range of students, both voice professionals, such as singers and speakers, and non-professionals, to achieve vocal mastery. Her mission is simple: every voice is vital – enable, empower, enrich. In addition to vocal pedagogy, her journey as a survivor of child sexual abuse and overcoming the trauma informs her practice. She also advocates for the survivors of abuse, helping bring more awareness about child abuse in Sri Lanka, better supporting the survivors, and pushing for amendments in the country's penal codes on sexual and gender-based violence that currently deny justice to many survivors.

Click here to read more about Kumudini's work.

Sources:

1. GEM 2022/2023 Women's Entrepreneurship: Challenging Bias and Stereotypes, Global Entrepreneurship Monitor, November 2023
2. GEM 2022/2023 Women's Entrepreneurship: Challenging Bias and Stereotypes, Global Entrepreneurship Monitor, November 2023
3. Women Entrepreneurs: Catalyzing Growth, Innovation, and Equality, Citi Global Perspectives & Solutions, March 2022